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Tom Lee: Bitcoin Market Does Not Care About Current Tether Issues
Fundstrat’s chief of research, Tom Lee, has told CNBC that even though on Friday, the BTC price slightly dropped and the market saw some issues to do with USDT, Bitcoin will keep going upwards, and the bull run may have already started.
The crypto market is growing: 11 signs of it
These signs, as per Tom Lee, are top factors that drive Bitcoin. They are related to DLT, technical and fundamental analysis, as well as crypto trading volumes.
As for trading volumes, Lee said that since the year began, they have been given a boost year over year, since many third-world countries are now using BTC instead of their unreliable local fiat money. As an example of active Bitcoin users, he mentioned Turkey and Venezuela.
As per technical drivers, in April BTC got over the 200-day MA, which signifies a bullish trend.
“Fundamentals are improving, technicals are improving, and now there’s real activity by, essentially, crypto hodlers,” Lee said.
Alex DovbnyaCurrent Tether issues
As for the current troubles with Tether (USDT), Lee said that they do not impact Bitcoin much, since the majority of investors “long tether because [they] don’t want to be long Bitcoin.”
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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